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What Samuelson Said About Inflation

Posted on Tuesday, October 7, 2008 at 5:54 pm

caplan.jpgBryan Caplan: Paul Samuelson embraces reverse causation – inflation usually causes monetary expansion, not the other way around…These quotes aren’t hard for me to believe – after all, I learned my Econ 1 from Samuelson’s 1989 textbook which told us that “the Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive“!  But if you’ve come to the econ game a little later, and can’t believe the stories about the Bad Old Days, you ought to. See here.

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